PGIM Real Estate’s European core strategy has bought a portfolio of three residential properties in Germany for an undisclosed amount.

The 18,622sqm portfolio consists of 285 residential units in the districts of Wettbergen and Bemerode in Hanover.

PGIM Real Estate said the European core strategy, which was launched less than two years ago, has received over €1bn in equity capital and made core investments in the logistics, residential and office sectors.

Sebastiano Ferrante, deputy head of Europe at PGIM Real Estate, said the European core strategy focuses on sustainable, steady growth and is managed with a very long-term view.

He added: “With large exposure to sectors such as logistics and residential and a focus on liquid transparent markets such as the UK, Germany and France, our portfolio has maintained a strong resilience in the current COVID-19 induced market uncertainty.

“The residential acquisition in Hanover fits perfectly with our investment strategy and demonstrates our ability to continue to secure attractive properties with outstanding quality in competitive markets.”

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